Published: 2015-08-03 08:56:50 CEST
Mash Group Oyj
Press release

Euroloan signs deal to provide credit cards to consumers

Euroloan and Compass Card have made an agreement that enables Euroloan to offer credit cards for its customers in its biggest market area, Finland

Helsinki, Finland, 2015-08-03 08:56 CEST (GLOBE NEWSWIRE) -- Euroloan Consumer Finance, part of Euroloan Group PLC, has entered into an agreement with Ab Compass Card Oy Ltd to provide credit cards to Euroloan’s customers. The planned launch date for the new credit card service is later this year.

Mr. Risto Illukka, CEO of Euroloan Consumer Finance Plc states: “We continuously strive to make things easier for our customers. With the credit card, we have added a convenient payment solution to complement our service palette, which already include virtual credit cards, online payments and vendor finance. The Euroloan credit card is a MasterCard, which can be used globally in all stores, ATMs and webshops that accept MasterCard. Customers can also pay contactless in payment terminals which means paying small amounts by barely touching the payment terminal with the credit card.”

“The card has a geoblocking feature that allows the customer to define the geographical area where the card can be used. The card also has a 3D SecureCode, which gives the customer an additional layer of online shopping security. We take the security of our customers very seriously, as our recent ISO certification for information security has proven”, Mr. Illukka continues

Compass Card will authorize, manage and monitor the cards and the payments. It will also be responsible for card verification and clearing the card payments. Compass Card provides credit card services in Finland also for S-Pankki, Ålandsbanken and HypoPankki. The credit cards are made by Gemalto, a company which develops secure software and operating systems which can be embedded in many kinds of devices, like SIM cards or bank cards.

Mr. Illukka adds: “The funding for the credit limit of the card is provided by a third party bank. This will enable us to grow further without tying up our own funds. We make the credit decisions and own the customer relationship. Our customers will have a separate credit card account in the myEuroloan service to access their account details. Consumers are generally very happy with the service we provide, which can be seen in our very good customer retention rate and excellent reviews.”

Euroloan Group PLC (Euroloan) is a rapidly growing international finance group specialized in financial technology (FinTech). The group’s headquarters are located in Helsinki, Finland, with offices in Stockholm, Sweden and Warsaw, Poland. Euroloan has developed the most efficient financing business models and systems in the market. Euroloan’s fully automated and internationally scalable cloud banking services provide real-time credit solutions for consumers and small-to-medium size businesses. Euroloan has consolidated its market position and increased its market share continuously since the company was established in 2007. www.euroloan.fi

 

         Jonas Lindholm, Euroloan Group PLC, Tel +358 10 217 1003
         Risto Illukka, Euroloan Consumer Finance PLC, Tel +358 40 501 1270